System and method for insuring frequent traveler reward miles

摘要

Air miles insurance allows customers to protect the value of their reward miles when a covered airline ceases operation and those reward miles are not honored by another carrier, or if a covered airline continues to operate, but discontinues its reward program and the miles are not honored by another carrier. This air miles insurance can be associated with a particular transaction account company. The number of miles lost by an enrolled customer may be deposited into a mileage bank for the customer, which is then credited to the customer's transaction account when an airline ticket is purchased. The number of miles may alternatively be exchanged for points in the transaction account company's rewards program. The number of points awarded may be equal to the number of airline miles that the customer lost. The customer may then redeem the rewards points according to the rules of the rewards program.